Vicinity sells another Broadmeadows asset

The Broadmeadows Homemaker Centre (middle) includes 743 car parks.

Vicinity Centres has sold its second Broadmeadows investment since June.

Vicinity sold a half stake in Broadmeadows Central in June.

The 3.35 hectare Broadmeadows Homemaker Centre at 1185-1197 Pascoe Vale Road, part of a complex neighbouring a Bunnings and Harvey Norman at the south west corner of Riggall Street, collected $20 million – a seven per cent return.

The campaign was somewhat off-market – not launched publicly but mooted three months ago when Vicinity divested a 50pc stake in the neighbouring Broadmeadows Central for $134.5m – a 6.75pc capitalisation rate.

That buyer was Nikos Property Group, run by Toby Andrianakos, the family of Melbourne petrol tsar Nick.

The Broadmeadows Homemaker Centre purchaser is another private investor.

CBRE’s James Douglas was the agent.

Broadmeadows Homemaker Centre

With 5671 square metres, the Broadmeadows Homemaker Centre was marketed for its development upside – over part of the 743 bay car park; the land is zoned Commercial 1 (story continues below).

The property previously traded for $8.9m.

Abutting it to the south east is a 2794 sqm parcel McDonald’s bought for $475,000 in 1993 and now accommodates a restaurant.

Broadmeadows is about 15 kilometres north of Melbourne’s CBD.

Elsewhere in the suburb, LOGOS with Canada’s Ivanhoé Cambridge has been replacing a 25ha ex-Woolworths distribution centre with a business park, the Broadmeadows Logistics Estate.

Pelligra and Qualitas are also replacing the former Ford Broadmeadows plant, actually in Campbellfield, with an industrial based mixed-use commercial project.

Nikos divested a Campbellfield commercial property, meanwhile, a vacant industrial block once, last June, for $41m to Cabot.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of